Fintrex Finance Limited concluded the financial year 2020/21 with a pretax profit of Rs.250.8Mn and a profit after tax of Rs.195.8Mn, representing growths of 735 per cent and 422 per cent respectively compared to the previous financial year, despite the many challenges faced by the industry during the subject period. The Company ROA and ROE at 3 per cent and 9.2 per cent, respectively, were pleasing. With a Provision Cover of 71 per cent, a Capital Adequacy Ratio of 23 per cent and a Liquid Assets Ratio of above 400 per cent, the financial position of the company as of 31 March 2021 remains strong.
Commenting on the performance and achievements of the Company, during the subject period, the Fintrex General Manager/CEO, Mr. Jayathilake Bandara, had this to say; "Our above average, all-round performance is a reflection of the commitment of all our employees who worked as a team in meeting the variety of operational challenges in providing timely customer service, securing new business and collecting dues, amongst others. There was great emphasis on restating Objectives/Goals and Policy, reviewing Procedures and fine-tuning Processes.
In March 2021, the company was conferred with a “Great Place to Work” certificate by ‘Great Place to Work’, a global authority on work place culture assessment. Additionally, Fintrex was recognized as the ‘Fastest Growing Finance Company in Sri Lanka’ for 2021 by the Dubai based ‘International Business Magazine. Mr. Jayathilake Bandara adds, “These awards evidence Fintrex’s team spirit. its passion for customer service, relentless pursuit of process improvements and innovative solutions. Our focus in the immediate year is the enhancing of customer convenience through better technology.”
Attaching great importance to assisting businesses adversely affected by the pandemic driven lockdowns, Fintrex adopted a stakeholder approach in discussing and offering solutions. In this context, the Company availed bespoke payment relief schemes and repayment plans which combined advantageous rates and income flow based repayment schedules, to its customers in addition to the Central Bank mandated moratoriums.
Mr. Ajit Gunewardene, Chairman, stated; “Good governance is at the heart of our operating model. Conformance with the regulations, and ethical business, are musts and any deviation from it has zero tolerance. We believe that such an approach will result in an improved, but sustainable, financial performance. Our strategies, investments, operations and risk management are geared towards maintaining an appropriate balance between growth and risk in achieving a ROI which will continue to attract equity and, non-equity, capital over the short, medium and long terms”.
Owned by ‘Bluestone 1 (Pvt) Limited’ comprising of a consortium of world class investors, the Fintrex Board consists of Messrs. Ajit Gunewardene, Ronnie Peiris, Shantanu Nagpal, Mahendra Galgamuwa, Shivan Coorey, Keith Bernard and Ms. Shivanthi Atukorale. Board was further strengthened with inclusion of Mr Sabri Ibrahim with effect from 14th June 2021.